How Do You Stay Excited About Your Job?

Pre-season football is all about motivation. The second and third-string players might have one shot to prove their worth. If they don’t, the consequences can be ruthless and rapid.

Entrepreneurs might sometimes wish motivation was that simple.

How do you stay engaged when

  • your plays fail,
  • your team is losing, or
  • the game is boring?

Successful business people have their ways of staying alert on the field.

Writing for Fortune, Julie Smolyansky, CEO and president of Lifeway Foods, recommends checking up on competitors to see what others are doing. This review may give you the competitive spark you need to crank up your game.

Lee Polevoi, writing for Intuit, advises business owners to find their original entrepreneurial spark. What was originally the source of your inspiration and vision? Reconnect.

Most writers on motivation talk about goal setting. Write precise goals. Don’t let negative thoughts get in your way. Set future goals now.

Many entrepreneurs had already set a goal when they created the original business plan. If you have one of these plans, it might be time to review it. According to evancarmichael.com, start-ups are 90 percent likely to survive the first 18 months of business if they’ve written a business plan.

Many things might have changed since your original business plan, but it was once your playbook. Imagine you are a startup trying to outline your vision, attract investors and draw up a new game play for the next year or 10 years. Maybe writing a new business plan today can help you clarify your motivation.

Finally, if you wonder about how your business is really doing, talk to customers. Find out how you have helped them and how you could do better. Then do it.

August/September Newsletter for Advisors

August FA Newsletter

Time To Pause and Refresh

Hotel in Rapallo

By Tim Turner

Summer is a great time to pause and refresh by taking a vacation. My wife Melissa and I have been so blessed to be able to go on an annual anniversary trip.  Well to rewind, the first few years were just dinner out, not a trip.  We have over the years as the kids gotten older worked our way up to bigger trips like Quebec, Napa, and St. Lucia.  Our in-laws come to spend time with their grand-kids while we go on our trip.

This year for our 24th anniversary we took a trip to Italy and Greece. I could fill pages telling you about the incredible food, beautiful views, and all the historical sites.  For this article, I want to focus on the idea of what it means to “pause and refresh”… and slow down.

cappuccinoAs a coffee drinker, I love going to Europe because there is a cafe ready to serve you top quality coffee about every 25 feet. You think Starbucks is everywhere… go to Italy and count the number of places you can get espresso and cappuccino. Even if you stop at a “rest area” by the highway, they have no coffee “to go” cups.  Instead they have a $30,000 coffee machine just like in the cafes with a real person making high quality espressos and cappuccinos. In a gas station, people were 15 deep to belly up to the “bar” to get an espresso before continuing on their way. There were no instant press-a-button coffee machines there to quickly fill a cup and run… No, they paid a skilled person to be there and run a high end espresso machine. In a gas station.

One tidbit you might not know is that in Italy they don’t ever serve coffee in a “to go” cup. In fact, they don’t even have “to go” cups.  Trust me.  I asked. I asked at many places. I asked at small cafes. I asked at espresso bars and street carts. I asked at high end hotel restaurants. “No no no” I kept being told. This was very odd to me. We had a rental car and needed to hit the road. I need my

Hotel grande Fasano

Hotel Grande Fasano in Lake Garda area of northern Italy

coffee for the trip. “No no no Senore”.

Our rental car was an Audi and i

t had no cup holders. Let me repeat that… NO cup holders.   Why? because Italians don’t drink coffee to go and they don’t drink anything while driving. I think because it takes too much focus to drive over there. Having lived through Atlanta traffic for 18 years, though, I held my own pretty good against the Italian drivers. Contrast this with America where my new son-in-law, who sells cars for Toyota is most frequently asked “how many cup holders does this car have” as a major buying criteria.

One of the hotels we stayed at was the Hotel Grande Fasano on Lake Garda. It was a historical palace converted into a hotel with glorious views of the massive lake. Before we were to leave one night to go to Verona, I asked one of the ladies working there if I could get some coffee to go. She said “sure you can take the china up to your room”. I said, “No I meant a paper cup to take in the car.” She said “no no no we don’t have any. You are in such a hurry. If you want coffee you need to slow down and take the time to enjoy it, even if it’s 5 minutes.”

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View of harbor in Rapallo while sipping capuccino…

OK at first I was annoyed by this, but as our trip went on I realized that it was definitely better to have high quality coffee while pausing to enjoy it, rather than running out the door with a “to go” cup. Even when we went to a cafe for lunch, we saw people popping in at all times of the day for an espresso. They stayed for a few minutes and were off. But for those few minutes they stopped to pause and refresh… and slow down.

Besides the coffee though my wife and I found plenty of places to stop and pause and refresh. In Rappallo, a city near Portofino on the Italian riviera, we would take a daily walk through and around town for our exercise, and also to see the town on foot. We found a guy with a coffee stand by the harbor and would get a cappuccino every day and just sit by the harbor… and pause for just a few minutes. We enjoyed the view of the boats and the people walking by…the morning sunshine warming our faces…while enjoying our cappuccinos… and fancy that it was served in a real china cup….from a guy running a “coffee stand” down by the water.

The Italians are definitely onto something. Taking the time to enjoy a cappuccino or espresso is the perfect way to “pause and refresh” so that you are ready to face the rest of your day…

Opera in Verona

Opera in Verona inside the Roman Arena right before the start of “Don Giovanni”

gondola ride

Gondola ride in Venice

View from hotel in Rapallo

View from hotel in Rapallo

Perfect Cappuccino

The most perfect and delicious cappuccino ever… or at least on that particular day!

Cappuccino at Hotel Excelsior in Rapallo

Cappuccino at Hotel Excelsior in Rapallo on fine china with the logo of the hotel on every piece.

The water

The azure water of the mediterranean. Lots of rocks and no beaches in Rapallo.

 

Universal Genius

By Tim Turner

As a follow-up to my article about the Disney® cruise, I wanted to share with you some experiences with the Universal resort in Orlando. We visited there after our cruise because our kids just love it.  In fact, they love it more than Disney’s Magic Kingdom, mainly because the rides are so much better.

GreenEggs&Ham

Green eggs & Ham Building in Dr. Seuss Land

Genius point #1:  Universal provides unique rides and experiences that no other park offers.  Sure they have roller coasters, but no other park has Dr. Seuss land.  This section of the park is totally customized to make you feel like you are inside a Dr. Seuss book.  I have been there many times and I am still in awe of the trees, the Caroseussel, and the building shaped like green eggs and ham.

Our favorite ride there is just a small train that rides above Dr. Seuss land giving you a view of the entire Dr. Seuss experience but from above. What can you do in your business that is totally unique to you?   If you say “nothing”, you need to spend a lot more time thinking about it.

Genius point #2:  Universal capitalizes on megatrends.  They don’t sit on their laurels.  They have jumped all over the Harry Potter craze and it has skyrocketed ticket sales.  The newest Gringotts ride had a 7 hour wait when it opened.  Absolutely unheard of!  What demographic trend can you take advantage of?  It might just be a specific niche like baby boomers, millennials, or seniors.

Wands

A Wand shop in Diagon Alley at Universal Orlando

Genius point #3: This one is not as applicable to the financial industry, because it has to do with “upselling” a product or service.  In the new Harry Potter section called Diagon Alley, they sell magical wands just like in the other section of the park.  These wands sell for $36.95 each – for essentially a piece of plastic.  Now some genius figured out they could embed a chip into the wand and then hide the receiver’s around Diagon Alley.  You can then go around to different spots on a map to waive your wand, cast a “spell” and make things happen like making lights turn on or curtains in a window open.  Not only does that make people want a wand itself when they see kids doing this, but it makes kids want the “interactive wand” that costs $44.95 – a 20% premium.   As a business person I found all of this tied together as pure business “genius”.  (I won’t comment on my thoughts about trying to do “magic”…)

sandpool

The incredible pool at The Hard Rock Hotel in Orlando

Genius point #4:  If you stay at one of their onsite hotels, you get additional perks like early admission and free “fast passes” for almost every ride.  The Hard Rock Hotel, for example, is a family friendly place, unlike the Vegas one.  It has a sand pool, volleyball, dive-in movies, video game arcade, and a 2-story slide for kids.  More importantly it is within walking distance of the park AND all the shops in City Walk.

The genius here is to keep you and your dollars captive for your stay.  If I am at the Hard Rock, how likely am I to get in my car and drive somewhere else to eat, to swim, to shop.  Not likely, which means Universal captures all of my vacation dollars, except the gas I buy to get home afterwards.

Hope you’ve enjoyed learning about some of the business smarts behind “Universal Studios” in Orlando.  I think you’ll agree it really is “genius”…

SeussTrain1     UniversalSeuss  SeussTrain2 GringottsDiagonAlley

 

Who’s Up For A Disney Cruise?

Disney

What does that name mean to you? Mickey Mouse?  Trips to Disney World?   Animated films?  I could write a long list of Disney characters, themes, and movies, but I wanted to share with you another aspect of Disney – some of the business lessons you can learn from Disney.  First, Disney is known for its great attention to small details.  It is reported that even Walt himself would pick up a piece of trash if he noticed it in one of the parks.  Having been to the Magic Kingdom and the Animal Kingdom in Orlando, I can certainly vouch for how clean the place is.  Now the crowds that’s another matter.

I was blessed to take my wife and two youngest boys on a Disney Cruise this past Spring Break.  The cruise line continues Disney’s reputation for handling small details and having great customer service.  We had been on a Disney Cruise before but this time I noticed some of the signs on the ship.  I have included pictures of a couple below.  These could be very generic “Hamburger Grill” like signs. But notice they incorporate their branding.  They incorporate a character.  They make a dumb old sign look almost fun.

Do you ever think “luxury” when you think of Disney?  We didn’t splurge on a fancy room, but we did sign up to use what they call the “Rainforest Room” in the spa.  You can go there and use the sauna, steam room, and various Rainforest showers.  You then can relax on hot stone lounges while looking out at the ocean by two hot tubs.  They claimed they only sold approximately 37 of these, which I found  hard to believe until we were actually there and rarely saw anyone using it.  In business, this package is called an “upsell”-something additional you can offer already captive customers.

Another upsell occurs if you want to dine in the fancy “Pollo’s” Italian restaurant.  You have to pay an extra fee to do that, and once there you are offered additional upsells of wine as well as an optional tasting menu. The food at the restaurant was pretty incredible considering we were on a cruise ship!

The cruise line stops at Disney’s own private island called “Castaway Cay” off the Bahamas.  You can take snorkeling trips, enjoy the beach, and generally relax along with 5000 of your closest friends from the ship.  Since our teenage boys were in their own group, my wife and I headed for the “grown-ups beach” where you can totally relax without any of the crowds.  The people working the ship and the island were all so friendly, prompt, and eager to please, including my new best friend – Jack Sparrow.

We did have a snafu with our snorkeling trip.  We were scheduled to go snorkeling in the morning so we could relax for the rest of the day, but our trip time was cancelled.  They rebooked us for the afternoon but it just turned our day upside down.  Due of the new order of things and we lost an extra hour at the beach.  However, the Disney people knew of the trouble this had caused and sent a package of snacks and a bottle of wine to our room because of the inconvenience it caused us.

I could write a much longer piece about Disney, but for now I just wanted to share a few nuggets. 

  • In your business, pay attention to the details. Have your people do the same. Offer luxury upgrades and upsells when you can.
  • Incorporate your branding in fun and creative ways.
  • And if you ever have a “client snafu” consider a small note or gift to make up for it.

By Tim Turner- CEO of Torrid Technologies

What? Retire Earlier?

You hear many conflicting ideas about when is the best time to retire: As soon as I’m able? On your 62nd birthday and get those early retirement benefits? At the full benefit time- 66-67 or should you just wait till age 70 or later? To whom should you listen?

A recent survey conducted by New York Life Insurance Company shows that retirees themselves wish that they had retired sooner…an average of 4 years sooner.  Why? They wanted the time to enjoy retirement life while their health was still good.

The survey showed that the people who responded in this way did have some moderate retirement savings. The problem is that many boomer who participated in the study, report having far less savings than that of the generation prior.

Have you made any plans for retirement? Do you have enough to retire a bit sooner? Let RetirementView Software help you see where you stand and what you can do to improve the outlook for your retirement.  Check us out at www.torrid-tech.com and let us help guide you to a more secure retirement.

You can read more of the details of the survey at http://tinyurl.com/lcsajos

Consumers Chasing Fool’s Gold

We’ve all heard a thousand times the old tale about finding a pot of gold at the end of a rainbow.  We all know it’s just supposed to be a humorous and interesting “old wives tale”.  But I find that many people are constantly chasing after “Leprechaun gold”.

Get rich quick schemes are everywhere! The internet is full of them. A quick Google search will lead you to more than you could possibly imagine…some legitimate but many not.

How many of you have been approached to invest $100 in your own business and with just a few hours a week you can become a millionaire? Again, some of these businesses are can help you achieve some extra income, some not but most don’t make the returns in their promises.

You can probably name a few more that you’ve come across in your experience, but nothing can quite meet the  good ol’ spend less, save more. If you have the luxury of starting early in life, making wise investments and putting a little away where you can, you will wake up one day and find that your little coins have accumulated into quite a pot of gold.

How can Torrid Technologies help you reach your retirement goals?

We hope that through this newsletter each month, you will find good tips and tricks for saving and investing.

Using our RetirementView Software can help you by looking for the GREEN on your graph. You can play with different scenarios in your plan and see what pays off in your personal plan.

Please let us know how we can assist you or make our product better any time! We don’t want you to leave your retirement security to the “Luck of the Irish”!

Tim Turner  Torrid CEO and Founder

Finding Solutions to Key Challenges of Modern Retirement

In the new book, Falling Short: The Coming Retirement Crisis and What to Do About It, Charles Ellis says that while just 30 years ago, most American workers were able to stop working in their early 60’s and enjoy a long and comfortable retirement, that brief golden age is over!

As responsibility for retirement savings shifts from employer to employee, increasing life expectancy and health care costs are key challenges that retirees today will face. On top of that, Social Security is replacing less of pre-retirement income, traditional pension plans are being exchanged for 401k plans with modest balances and employers are not providing health benefits for their retirees.

Mr. Ellis suggests a couple of changes that need to take place. For one, waiting to retire from age 62 until age 70 provides a 76% increase. He ventures that many of his colleagues in the investing world do not know that. He also points out that if your full retirement age is 66, that collecting benefits at the earliest age of 62 results in a 25% reduction in benefits.

Read much more detail about his research at http://tinyurl.com/qbet8dh.

Chasing Leprechaun’s Gold

We’ve all heard a thousand times about the old tale about finding a pot of gold at the end of a rainbow.  We all know it’s just supposed to be a humorous and interesting “old wives tale”.  But I find that many financial advisors are constantly chasing after “Leprechaun gold”.

Now don’t get mad at me.  I might not be talking about YOU.  It’s probably another financial advisor or an insurance agent.  But I see too many advisors thinking that some marketing or lead generation “rainbow” will lead them to a “pot of gold”.  I don’t mean to imply that you shouldn’t be doing “marketing”.  Far from it.

Great marketing is what can grow a firm’s AUM massively.  We’ve seen that with The Mutual Fund Store, Ken Fisher, and even Wealthfront.  Unfortunately too many advisors get caught chasing after something that isn’t going to work, or that is just the latest “snake oil” being peddled by another salesman.

“Internet leads” comes to mind.  Firms that promise to send you qualified leads from the “internet”.  How many advisors and agents have been burned by this rainbow?  Even if someone is a lead, it is being sold to 20 other advisors so that the end result is one annoyed “prospect” that isn’t going to want to talk with you, much less meet with you.

“Templated Websites” also comes to mind.  You may even have one yourself – a cookie cutter website that thousands of other advisors have a similar version of.  Google hates any duplicated content, so when it sees the same “articles” and “calculators” on 18,967 financial advisor websites, they will not rank your website.  Thus, you won’t ever get any organic traffic.  You can try to buy traffic but the “template website” has no lead generation or opt-in capabilities.  And even if it did most advisors don’t have any backend follow-up mechanism to nurture those prospects.

Assuming prospects want to “meet with you” as a first step is a huge pot of Leprechaun gold, something akin to thinking people enjoy getting their teeth drilled in the dentist chair.  (fact is most don’t).  You have to ask people to take some baby steps first.  You can’t get married on the first date!

Most advisors need even the most basic core marketing elements.  I see advisors in need of a new website that is not a template.  They need multiple ways of enticing people to ask for more information and “raise their hand” as a possible lead.  They don’t have any way to capture leads, much less a way to do backend email nurture to those leads.

For those that have some or all of that in place, most advisors have no idea that they could generate their own leads using Youtube, Google, Facebook, webinars, etc.  Or perhaps they know “about those” but don’t know how to go about it.  Many advisors don’t have a clue what a “marketing funnel” is, or how to implement and manage one.

If you can learn how to do some basic marketing strategies, you can create your own real pot of gold, not a fake mirage at the end of a rainbow.  And if you don’t have time or can’t figure it out, find someone that can help you.  And do it one piece at a time as you can afford it.  Or get a “marketing coach” that can direct your efforts monthly and keep you on track.

If you need help, please contact Torrid Tech to see if we have any openings.  Our marketing services have been in high demand lately.  And meanwhile, watch out for the luck ‘o the Irish… most of the time it isn’t really “luck” after all that takes you.

Tim Turner

Planning For Profit

A new year and a new beginning. A time to start over and correct mistakes of the past year, to refine what could be done better and improve your overall business status. Does your business have a concrete strategy or have the changes and uncertainty in the financial markets shown small weaknesses in that plan that you need to shore up before it becomes more serious?

Melinda Emerson, the small Biz Lady, suggests you implement these 5 important  steps as you prepare for 2015.

It’s important to think about both marketing and strategies. Will you offer promotions, run ads or rely on word of mouth? Do any of your business practices need revamping for maximum impact?

Will you upgrade your systems? If so, please take a look at what Torrid can offer: RetirementView Planning Software or WebCalcs®-online calculators that can be built into your webpage formatted in the style of your page.

What 5 Steps?

Look at the Big Picture

Look at the past year. Identify strong revenue months and look for ways to repeat the successes. Look at the places you grew or shrank to help gain an honest perspective on your business.

Do a SWOT Analysis

Evaluate your practice for: 

Strengths, Weaknesses, Opportunities and Threats

Quantify Your Business Goals

Once you understand where your opportunities are, focus on 30 day sales goals.

Create An Action Plan

Incorporating everyone on your team will help with accountability and keeping motivation to a higher level. When excitement starts to fade, use your business goals and action plan to keep everyone on track.

Start Delegating

No one can do it all alone! Pass off what you can to the experts. Let RetirementView be one of your tools to make your work load easier.

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